Updated: April 2025  |  bremo.io financial guides

KOHO Review 2025 — Free Banking with Cashback

KOHO is Canada's most popular banking app alternative and a genuine challenger to the Big 5's dominance in everyday spending accounts. With no monthly fees on the base plan, a Visa prepaid card with cashback on purchases, and powerful budgeting tools, KOHO has attracted millions of Canadians who are tired of paying bank fees. Here's our comprehensive review.

KOHO Plans Overview

Plan	Monthly Fee	Cashback	Best For
KOHO Free	$0	0.5% on groceries/transport	Fee-free banking
KOHO Essential	$4/mo	1% on groceries/transport/eating out	Everyday cashback
KOHO Extra	$9/mo	2% on groceries/transport/eating out	Heavy spenders
KOHO Everything	$19/mo	2% + financial coaching	Premium features

KOHO Free Plan — What You Get

The free plan is the right choice for most Canadians. Features include:

• No monthly fee
• Visa prepaid card accepted everywhere Visa is accepted
• 0.5% cashback on groceries and transportation purchases
• Free Interac e-Transfers
• Instant spending notifications
• Spending insights and budgeting categories
• Early payroll deposit (up to 3 days early)
• Savings goals
• Joint account option (with approved user)

KOHO Credit Building

KOHO offers a Credit Building subscription ($7/month) that helps users establish or improve their credit score by reporting payments to credit bureaus. This is particularly valuable for newcomers to Canada, young Canadians with thin credit files, and anyone rebuilding credit.

How KOHO Works

KOHO is a prepaid Visa card, not a traditional bank account. You load money into your KOHO account (via Interac e-Transfer or direct deposit) and spend from that balance. It works wherever Visa is accepted — in-store, online, or at ATMs. KOHO deposits are held at People's Trust, a federally regulated Schedule I bank and CDIC member.

KOHO Limitations

• Prepaid Visa, not a traditional chequing account — some merchants (car rentals, hotels) require a credit or debit card, not prepaid
• No full mortgage, investment, or complex lending products
• No physical branches or ATM network (ATM withdrawals incur a fee unless using Interac)
• KOHO earns interest on your deposits at a lower rate than EQ Bank

KOHO vs Big 5 Banks

The average Canadian pays about $180–$360/year in chequing account fees at a Big 5 bank. KOHO's free plan eliminates this cost entirely while adding cashback rewards. The only sacrifice is branch access — which many Canadians simply don't need.

Verdict

KOHO is the top recommendation for fee-free banking with cashback rewards in Canada. The free plan is genuinely excellent — no catches, no minimum balance, no hidden fees. Use code 45ET55JSYA for a bonus when you sign up. For savings rate maximization, pair KOHO with an EQ Bank account.